5941 Limonite Ave Riverside, CA 92509

Exceptional investment opportunity in Riverside, CA. This 4-unit apartment building, situated on an 8,712 sq ft lot, offers 3,620 sq ft of living space. The property features a mix of unit sizes including three-bedroom/one-bathroom, two-bedroom/one-bathroom, and two one-bedroom/one-bathroom units, providing flexibility for rental income or owner-occupancy. All four units have undergone recent renovations. The building boasts five carports and additional uncovered parking. Currently, the occupancy is 50%, presenting a significant opportunity to increase rental income. The asking price is $1,169,900, with a current NOI of $72,084 and a pro-forma NOI of $86,508, resulting in a current cap rate of 6.16% and a pro-forma cap rate of 7.39%. The property is zoned R3 and was built in 1964. Two units are currently vacant, ready for immediate lease-up. This centrally located property offers easy freeway access and ample outdoor space. The price per unit is $292,475. The property's address is 5941 Limonite Ave, Riverside, CA 92509, and the APN is 182-280-009.